Martin and Co Ely Soham & Newmarket are proud to announce that they are now an accredited NALS Agent and under this accreditation they are able to offer the NALS Client Money Protection Scheme. This scheme offers assurance and peace of mind to both landlord and tenant.
What is Clients’ Money?
Clients’ money is any money received and held by an agent that does not belong to it. This could include rent held on behalf of a landlord or a tenant’s deposit.
The NALSCode of Practice requires that NALS members must hold all clients’ money in one or more client money bank accounts, separate from all other monies that the member may have. All client’s money must remain in the segregated client money bank accounts while it is being held in trust by the agent.
What is the NALS Client Money Protection Scheme?
The NALSClient Money Protection Scheme is an insurance policy that has been arranged by NALS to protect landlord and tenant clients of a member agent against theft of their money, (whilst in the custody and control of that agent), by a principal, partner, director or shareholder of the agent.
The protection is only provided for members that have been approved by NALS for membership of the Client Money Protection Scheme and only whilst the agent remains a member of NALS. When the agent is no longer a member of NALS, whether by resignation or expulsion, protection of clients’ money by NALS ceases.
The insurance policy is arranged by NALS.
Are all NALS members included within the Scheme?
Not all members of NALS have been afforded the protection of the NALS Client Money Protection scheme for their clients, it is only provided to those members that have applied for membership or renewal to NALS since 30th July 2012 and have been vetted and approved for membership of the Client Money Protection Scheme by NALS.
It is important that you identify which NALS member agents have this protection by checking the member directory on the NALS website at www.nalscheme.co.uk